EQT Corp announced the sale of their Sunrise pipeline unit to EQT Midstream Partners LP. The deal was estimated at US$507.5 million in cash and US$32.5 million of common and general partners units. The acquisition of the Sunrise pipeline and its assets will add to the EQT Midstream's distributable cash flow per unit. The midstream company announced that they pay an additional US$110 million which are subject to conditions related to a transportation agreement.
EQT Midstream is the transportation and storage services provider for EQT. The company also provides services to other companies. The Sunrise Pipeline LLC's assets include the 41.5-mile pipeline set between West Virginia and Pennsylvania. It also includes a compressor station and an interconnection with the Texas Eastern pipeline located in Greene County, Ohio.
EQT Corp and EQT Midstream operate in the gas-rich Appalachian basin located in the northeast U.S.
EQT Corporation, with headquarters in Pittsburgh, PA, is one of the largest natural gas producers in the Appalachian Basin.
EQT Midstream Partners is a growth-oriented limited partnership that owns, operates, acquires and develops midstream assets in the Appalachian Basin. EQT Midstream Partners is an EQT Corporation company.
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